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Other factors with relatively high responses included convenience to shopping (31 percent), quality of the school district (30 percent), neighborhood design (28 percent) and convenience to entertainment or leisure activities (25 percent).This year’s survey also highlighted the significant role transportation costs and “green” features have in the purchase decision process.Likely highlighting the low inventory levels seen earlier in 2014, buyers visited 10 homes and typically found the one they eventually purchased two weeks quicker than last year (10 weeks compared to 12 in 2013).Overall, 89 percent were satisfied with the buying process.The current high mortgage insurance added to their monthly payment is likely causing some young adults to forgo taking out a loan.” Searching for and Buying a Home Buyers used a wide variety of resources in searching for a home, with the Internet (92 percent) and real estate agents (87 percent) leading the way.Other noteworthy results included mobile or tablet applications (50 percent), mobile or tablet search engines (48 percent), yard signs (48 percent) and open houses (44 percent).The typical first-time buyer purchased a 1,570 square-foot home costing 9,000, while the typical repeat buyer was 53 years old and earned ,000.

“To put it in perspective, 56 percent of first-time buyers used a FHA loan in 2010.When asked about the primary reason for purchasing, 53 percent of first-time buyers cited a desire to own a home of their own.For repeat buyers, 12 percent had a job-related move, 11 percent wanted a home in a better area, and another 10 percent said they wanted a larger home.First-time buyers plan to stay in their home for 10 years and repeat buyers plan to hold their property for 15 years; sellers in this year’s survey had been in their previous home for a median of 10 years.The biggest factors influencing neighborhood choice were quality of the neighborhood (69 percent), convenience to jobs (52 percent), overall affordability of homes (47 percent), and convenience to family and friends (43 percent).

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The median downpayment ranged from 6 percent for first-time buyers to 13 percent for repeat buyers.